Answer:
A = $1,742.75
A = P + I
Where
P is the principal (1,500.00)
I is the interest (242.75)
Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 1.5/100
r = 0.015 rate per year,
Then solve the equation for A
[tex]A = Pe^{rt}\\A = 1,500.00(2.71828)^{(0.015)(10)}\\A = $1,742.75[/tex]
Summary:
The total amount with compound interest on a principal of $1,500.00 at a rate of 1.5% per year compounded continuously over 10 years is $1,742.75.
